Coworking space as a business model has gained a lot of traction over the past decade. The concept of shared amenities coupled with a professional community structure has drawn in the working class by the millions.
The phenomenal rise of these coworking spaces is evidenced by reports which have shown a membership of a staggering 3.1 million people as of 2019. Highly optimistic sources have even been quoted as calling it ‘The Future of Business Realty.’
The Retail sector has caught on to this wave of new-age work ideal and has gradually evolved to integrate it into the common market. The many dividends that are brought in by these shared economy models have placed a high precedent for an increasing number of retail owners to buy into this idea.
Why would traditional retail outlets turn towards co-working?
There are unique advantages to integrating commercial spaces with offices. Besides the obvious benefits of allocating prime locations sustainably, there are various far-reaching effects of this strategy.
Surviving E-Commerce
Online retailers like Amazon and Flipkart have usurped the conventional market by appealing to the consumers’ need for a one-click shopping experience. There is an immense burden on retail outlets to manage their high-price stores and bring in customers. Retailers have found out that they can address both these requirements innovatively by converting some of their privately-owned spaces into Coworking space stations.
This model ensures footfall into an otherwise empty store and it also allows the expenses of the utilities to be shared between the workers leasing out the area.
Bringing in Revenue
Coworking space cater to their customers with specially curated per-hour or per-month lease rates. These rental plans are a great source of steady cash flow to the owners of these locations. With coworking models showing steady growth in many developed and developing nations, they are a sure-fire way of boosting your overall income as a retailer without engaging in high-risk investments.
Minimal Remodeling
There are several reasons why retail structures can act as optimal coworking sites.
- Retailers set their outlets in prime commercial and industrial clusters in the city. As finding the right kind of real estate is a problem for most workers, the conveniently located buildings offer an easy way out of the hassle of office hunting.
- Places like malls and showrooms are already equipped to house numerous people in a comfortable yet professional setting. They provide the right kind of atmosphere to any worker, or even a group of work colleagues looking for an ideal setting to host a meeting.
- Freelancers and startups form the majority of a co-working hub. They typically require the same kind of facilities such as parking areas, lounge rooms, and cafes, as well as coveted amenities like Wi-Fi and Printers. These are easily provided in retail environs where arrangements to have these utilities already exist.
Sharing a space with potential consumers of your product is bound to increase demand for your retail goods. When you share your space with a whole fleet of workers who carry with them both their own company label and the name of the offices, it can generate a good image for your brand. In many situations, these communities have been known to reciprocate by co-sponsoring the business and allowing a sort of symbiotic growth of the industry.
Conclusion
Today’s unpredictable industrial scene is best harnessed by widening the reach of an enterprise with new and upcoming strategies. The concept of co-working has developed to cater to the needs of the modern worker while offering a unique mode of revenue and business to the retail sector. Converting prime spaces to provide professional work areas to the customer has several advantages that can help retailers and businesses grow hand in hand with their consumers. Qbicle has been at the forefront of providing quality and affordable co work space in Jaipur so if you’re on the hunt for one, you know where to go.